Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: cpt :: ACCOUNTING STANDARDS :: VAT Audit :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company :: articles on VAT and GST in India :: TAX RATES - GOODS TAXABLE @ 4% :: VAT RATES :: list of goods taxed at 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TDS :: form 3cd
 
 
News Headlines »
 TDS Rate Chart for AY 2018-19
 Last date to submit third installment of advance tax is December 15
 5 tax-saving funds that have given stellar returns in the past 5 years
 Find out which ITR Form is suitable for you
  Pr CIT vs. Baisetty Revathi (Andhra Pradesh High Court)
 What is income tax?
 Refund procedure initiated under GST
 Income tax returns (ITR) filing: How to get capital gains tax benefits on assets in own name
 7 avenues to help you save tax under Section 80C of Income Tax Act
 How to make income tax law less taxing
 Your Income Tax returns (ITR) filing revised? 5 points you must worry about

Panel makes case for Kerala to increase own tax revenue
July, 17th 2006

Report cites `major structural failing' in tax receipts


The State's total revenue receipts grew by 12.7 per cent on an average in 2003-04 and 2004-05, the first two years of the Act. The own revenue of the State now is around Rs 11,000 crore, which amounts to 10 per cent of GSDP.

Thiruvananthapuram , July 16

A strong case has been made out for Kerala to increase its own tax revenue to bring about the fiscal correction mandated by the Fiscal Responsibility Act, 2003.

According to the first report of the Public Expenditure Review Committee, constituted under the Act, the State's total revenue receipts grew by 12.7 per cent on an average in 2003-04 and 2004-05, the first two years of the Act.

This was higher than the annual average of 10.2 per cent achieved over the three years immediately preceding the Act.

However, the higher receipts were driven by the higher growth of transfers from the Centre in the form of tax shares and grants. This worked out to 18.4 per cent over 2003-05, compared to 6.2 per cent over 2000-03.

On the other hand, the State's own tax revenue registered a lower annual rate of growth at 10.8 per cent in the first two years of the Act than the 12 per cent in the preceding three years.

The buoyancy of own tax revenue in relation to nominal Gross State Domestic Product (GSDP) came down to 0.9 as compared to 1.3 over 2000-03.

The report said that this showed the State had not been able to translate the higher rate of GSDP growth into higher growth of own revenue.

There might have been a drop in own tax efforts because of the higher flow of revenue from the Centre. This is a major structural failing, the report added.

However, the only redeeming feature was that the annual growth of the State's own revenue had been more uniform in the post-Act period than the fluctuations seen in the three preceding years.

The own revenue of the State now is around Rs 11,000 crore, which amounts to 10 per cent of GSDP. Of this, the own tax component had been steady at nine per cent of GSDP in the three years up to 2004-05.

Though this compares well with the other Southern States, the differentiating factor is that Kerala receives substantial remittances from expatriates outside. These remittances do not figure in GSDP figures at the State level.

Since the taxes are levied on expenditure, funded out of external remittances as well, the State's own tax revenue to GSDP ratio should be higher than for the other states, which do not receive remittance income, the report said.

Mony K. Mathew

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Enterprise Resource Planning Solutions ERP Solutions Enterprise Resource Planning Software Solutions ERP Software Solutions Supply Chain Management Solutions SCM Solutions Supply Chain Management Software Solutions SCM Software Solutions Enterprise Resource Planning Solutions India ERP Solutions India Enterprise Resource Planning Software Solutions India ERP Software Solutions India Supply Chain Management Solutions India SCM Solutions India Supply Chain Management Software Solutions India SCM Software Solutions India

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions